Under the Scheme of Arrangement, Sterling Bank’s issued and
paid-up share capital, valued at 28.8 billion outstanding shares, will be
passed to the holding company in exchange for the allotment of the same units
to shareholders.
This move, as ratified by the Nigerian Exchange, follows an
approval-in-principle for Sterling to convert to a non-operating financial
holding company as granted by the Central Bank of Nigeria and is expected to
enable Sterling to continue to diversify its investment portfolio and expand
its presence in the financial markets.
The relisting also represents a strategic move for Sterling
as it continues to build momentum and position itself for long-term success.
Upon the completion of the transition, the Sterling Financial Holdings Company
will commence operations with two banking subsidiaries; Sterling Bank, which
will operate as a conventional commercial bank; and The Alternative Bank
Limited, which will operate as a non-interest bank.
Commenting on the development, Sterling Bank Chair, Asue
Ighodalo stated: “We are excited to embark on this journey as we seek to
continue to provide the best services and product offerings to our customers,
while continuing to create and deliver even more sustainable value for our
shareholders.”
In recent times, Sterling has become renowned for its HEART
of Sterling strategy, which focuses major investments in the Health, Education,
Agriculture, Renewable Energy and Transportation sectors of the economy, its
progressive and youth-focused brand, which is a leading light in the financial
services category, its award-winning talent recruitment and retention services
as evidenced by the Best Place To Work In Nigeria record of victories, as well
its recent successes in developing and shipping innovative products such as
Specta, OneBank, i-Invest, Omni X, and Imperium in fulfilment of the needs of
the Nigerian market.
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